Price: Real Debt Reduction Will Require White House Cooperation

February 11, 2016

WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement after the House of Representatives passed H.R. 3442, the Debt Management and Fiscal Responsibility Act of 2015 – legislation that would require the Treasury Secretary, prior to the nation reaching its public debt limit, to appear before Congress and provide testimony on what is driving our national debt, a clear series of proposals on deficit and debt reduction, and an update on what progress is being made towards debt reduction.

“Rather than have what should be an informative and healthy debate over our fiscal challenges devolve into a crisis every time the country approaches its debt limit, we ought to have an orderly approach that focuses the discussion on solutions to get America’s fiscal house in order. The House has approved a common sense approach that would enhance accountability and reduce potentially disruptive risks to our economy. It would require the White House to provide its projections about the fiscal health of programs like Medicare and Social Security – both of which are currently going insolvent as our nation is headed toward a predictable and avoidable debt crisis. We have to address the automatic spending programs that make up two-thirds of our annual budget and are growing at an unsustainable pace. Congress has the power of the purse, and we have been proposing in our annual budgets responsible actions our nation can take to get spending under control, save and strengthen important programs, and reduce our debt. To ultimately achieve real reform, however, will require buy-in and cooperation from the administration as well.”

Related News

“Since its inception more than 40 years ago, CBO has not undergone a comprehensive review. This series of hearings finally fulfilled this committee’s duty for proper oversight and broadened our understanding of CBO’s work and challenges.”

“While CBO directly assists the House and Senate Budget Committees, all lawmakers interact and engage with CBO. Proper oversight of this important congressional support agency requires a clear understanding of CBO’s relationship with all Members.”